"We've got the biggest caucus in the country," Mr. Rogen says. "But it's not like too big, like you can handle it," quips Ms. Schumer in an apparent innuendo that is the edgiest part of an ad that otherwise relies on fairly tame one-liners.

The ad, by Wieden & Kennedy, New York, marks the beginning of the broader "Bud Light Party" campaign that will run through the election season. It also launches a new tagline, "Raise One to Right Now," replacing the two-year-old "The Perfect Beer for Whatever Happens" campaign that was launched under BBDO and positioned Bud Light for spontaneous fun and included such stunts as branded town takeovers.

With the new campaign, Anheuser-Busch InBev is trying to inject more humor into Bud Light's advertising, while sparking a comeback for a brand whose sales have slumped.

"We are going back to where we used to be the best: Humor is a big statement for the brand again," A-B InBev U.S. Marketing VP Jorn Socquet said a couple weeks ago as he previewed the campaign to reporters.

But whether or not the new campaign does enough to excite A-B InBev wholesalers and consumers remains to be seen.